Legendary hedge fund investor George Soros made a huge bet against Norwegian Air — and lost 40% in a single day

Legendary hedge fund investor George Soros lost over 40 percent in just one day on a bet against Norwegian Air.

Statistics reveal that Soros closed down the whole position following the huge loss.

Norwegian has for long been one of the most shorted stocks in the Nordic stock market with north of 9 percent of its shares shorted. One of the hedge funds that held a negative position in the share was Soros Fund Management, run by legendary hedge fund investor George Soros.

Soros is most known as the man who 'broke the Bank of England', following his successful bet against the pound in 1992. Sources state that Soros pocketed around one billion dollars from the trade.

According to the newspaper Dagens Næringsliv, Soros had shorted Norwegian several times since the turn of the year, when the stock was trading around 234 NOK. The position was a success at first, as the share price plummeted down to 161 NOK in late March.

Soros lost over 40 percent in just one day on his bet against the airliner - a loss of over 20 million NOK. Statistics published last Friday reveal that Soros closed down the whole position following the loss.

Several other hedge funds, including GLG Partners and Schroder did the same thing - likely contributing to the forceful share price reaction.

On Monday, the Norwegian share continues to rise, trading up 9 percent by lunchtime.